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the role of key performance indicators for corporate treasury.doc

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the role of key performance indicators for corporate treasury

The Role of Key Performance Indicators for Corporate Treasury Magnus Lind, NFS - Kenneth Andersson, NFS - Peter Bergstr?m, NFS - 02 Dec 2008 - Originally Published in Journal of Corporate Treasury Management This article discusses the background and consequences of treasurys developing role and the essentials of implementing relevant KPIs for corporate treasury. Since its beginning in the 1980s, treasury has matured in a predictable way. From being independent from the rest of the organisation, it has now standardised the operations and processes, and with IT as the enabler it is becoming more integrated within the core operations. This requires the development of new sets of key performance indicators (KPIs) to measure and manage treasury from a group perspective. The choice of KPI and the manner in which it is implemented determines the success of the treasury. Historically, treasury has been a black box to many parts of the organisation and thus treasury has been able to motivate its existence on its own terms. Basically, few outside of the treasury knew which KPIs to assign to them. This has meant that treasury, for a long period of time, has been excluded from close monitoring by the board and other stakeholders. The treasury was left alone and expected to manage risk, cash and funding. This has obviously lagged the objectives and development of treasury-specific KPIs connected to the overall company strategy. One particular example has been the treasury profit centre set-up that made up its KPIs as trading resulted, sometimes even partly generated, from margins on internal transactions. However, in recent years, treasury has been increasingly integrated into the core business operations and placed into the companys overall context. This has usually led to treasury profit centres being transformed into cost centres. With time, the treasury has naturally matured as an organisation and consequently achieved a higher degree of integration with the corpor